One thing I like about that is having many units at one address. 

I know questions like this are addressed all the time. 

I don’t know all the details for them yet.

I might have some local referrals to send you to so feel free to PM me for details.

The entire cost during renovation might not have to be capitalized and can be expensed, but you need to talk to your tax professional and give him all the detail. 

I’ll PM you the addresses so you can check neighborhoods and comps. if any look good to you, you should be able to find some houses for sale with the same specs, in the same neighborhoods with similar values according to Zillow.

As far as your loan options, discuss that "Solely" with a Lender, as they will address all of the requirements including your self employment status and your current lease arrangement and how they affect qualifying for a loan. 

He told the renter that they have to go after the lease ends, which is about when the violations need to be addressed. 

Just get the business license by addressing their questions and stating your business operations as you did in this post.

The venture-specific LLC will offer more liability protections, and you will have the opportunity to craft an Operating Agreement that puts a "clock" on the details of your deal.